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NEPI ROCKCASTLE PLC - Short-form: Interim condensed consolidated financial results for the six months ended 30 June 2019

Release Date: 23/08/2019 08:25
Code(s): NRP     PDF:  
 
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Short-form: Interim condensed consolidated financial results for the six months ended 30 June 2019

NEPI Rockcastle plc
Incorporated and registered in the Isle of Man
Registered number 014178V
JSE and Euronext share code: NRP
ISIN: IM00BDD7WV31
(“NEPI Rockcastle” or “the Company” or “the Group”)


SHORT-FORM: INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019


“NEPI Rockcastle continues to leverage on its strengths and consolidate its position as the dominant, high-quality
shopping centre owner with the most robust management platform in Europe’s highest growth region. We constantly
enhance our properties via extension, reconfiguration and modernising capital expenditure, active asset management
and marketing activities. We focus on the implementation of technological solutions that would further enhance our
CEE leadership and stakeholder value. We continue to pursue a development and acquisition pipeline that improves the
overall quality of the portfolio and adds to the business’s long-term sustainability. Our approach balances between
pursuing commercial opportunities and maintaining a prudent balance sheet, and we are confident that our dominant
position in the CEE will allow us to further grow our business,” said Alex Morar, CEO.

DISTRIBUTABLE EARNINGS

The Group achieved 29.02 eurocents in distributable earnings per share for the first half of 2019, 9.6% higher
than the distribution per share of 26.49 eurocents for the first half of 2018. This increase is due to the effect
of acquisitions and developments finalised in 2018, being concentrated around mid-year and the second half
of the year. The distributable earnings per share for 2019 are expected to be approximately 6% higher than
the 2018 distribution, in line with the guidance issued in February 2019.

The Board of Directors declares a distribution of 29.02 euro cents per share for this period. Shareholders can
elect to receive the distribution either in cash or as an issue of fully-paid shares, based on a ratio between
distribution declared and the reference price. The reference price will be calculated using a maximum 5%
discount to the five-day volume-weighted average traded price, less distribution, of NEPI Rockcastle shares
on the JSE.

The Company reserves the right to limit the total allocation of shares as a percent of the total distribution.
A circular containing full details of the election being offered to shareholders, accompanied by announcements
on the Stock Exchange News Service of the JSE and Euronext Amsterdam will be issued in due course.

KEY FINANCIAL INFORMATION

                                                      Six months ended          Six months ended                 %
                                                          30 June 2019              30 June 2018         increase
 Net rental and related income (€ thousand)                    199 773                   164 635           21.34%
 Distributable earnings (€ thousand)                           170,030                   153,041           11.10%
 EPRA Earnings (€ thousand)                                    168,077                   164,104            2.42%
 Distribution per share (€ cents)                                29.02                     26.49            9.55%
 EPRA Earnings per share (€ cents)                               28.69                     28.40            1.02%
 Headline earnings per share (€ cents)                           24.56                     12.73           92.93%
 Earnings per share (€ cents)                                    38.71                     25.79           50.10%
 Net asset value (NAV) per share (€)                              6.79                      6.79            0.00%
 EPRA NAV per share (€)                                           7.26                      7.14            1.68%
 EPRA Net Initial Yield (NIY)                                     6.64%                     6.70%          (0.90%)
 EPRA ‘topped-up’ NIY                                             6.71%                     6.77%          (0.89%)
 EPRA vacancy rate                                                2.6%                      3.8%          (31.58%)
SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the board of directors of NEPI Rockcastle. This short-form
announcement is only a summary of the information in the full announcement and does not contain complete details.
Any investment decision should be based on consideration of the Interim Financial Report published on the Company’s
website at: https://nepirockcastle.com/wp-content/uploads/2019/08/Interim_Financial_Report_H1_2019.pdf and on the
long-form announcement (condensed interim financial statements) available on the Company’s website at:
https://nepirockcastle.com/wp-content/uploads/2019/08/Condensed_Consolidated_Financial_Results_H1_2019.pdf
and on the JSE website at:

https://senspdf.jse.co.za/documents/2019/jse/isse/nrpe/Intres2019.pdf

The full announcement is also available for inspection at the registered offices of the Company (2nd Floor,
30 Athol Street Douglas, Isle of Man, IM1 1JB) and at the offices of the JSE sponsor, Java Capital (2nd Floor,
6A Sandown Valley Crescent, Sandown, Sandton, 2196) at no charge during normal business hours from
Friday, 23 August 2019 to Friday, 30 August 2019.

For further information please contact:

 NEPI Rockcastle plc
 Alex Morar                                                             +40 21 232 1398

 JSE sponsor
 Java Capital                                                           +2711 722 3050

 Euronext Listing Agent
 ING Bank                                                               +31 20 563 6799

 Media relations                                                        +44 20 7404 5959
 Brunswick Group LLP                                                    NEPI@brunswickgroup.com

23 August 2019

Date: 23/08/2019 08:25:00
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